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  • In Q2 2023, Nigeria collected 10% more VAT than in the first quarter, 30% more than in Q2 2022, 53% more than in Q2 2021, and 555% more than 40 quarters ago in Q2 2013. Do you see VAT collections reaching one trillion naira soon?

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    In Q1 2024, there was a 146% increase in Nigeria's foreign trade value from ₦12.9t in Q1 2023, with exports reaching ₦19.2t, and surpassing the whole of 2020's exports (₦12.5t).

    The total trade value in the quarter reached nearly half of the total trade in 2023.

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  • A Trend of Adult literacy rates of African countries

    Between 2018 and 2021, adult literacy rates across African nations exhibited significant disparities. Seychelles and South Africa led with literacy rates of 96% and 95%, respectively, indicating a high proportion of literate adults. Conversely, Chad had the lowest literacy rate during this period.

    These statistics underscore the uneven progress in educational attainment across Africa, highlighting the need for targeted interventions to improve literacy in lower-performing nations.

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    Nigeria was the seventh most populous nation in the world in 2020, with 206.1 million people. Projected to reach a population of 401.3 million by 2050, Nigeria will rank third after India (1st) and China (2nd). According to Institut national d'études démographiques' projections, Nigeria, Ethiopia, DR Congo, Egypt, Tanzania, and Kenya will be among the world’s top 20 most populous countries by 2050.

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  • Inflation rate in Nigeria increased to 31.7% in February 2024. Nigeria has the 13th highest inflation rate out of 186 countries and territories as of February 2024.

    The data showcases Argentina leading with 276%, followed by Lebanon and Syria. Seven of the top fifteen are African.

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    The FAAC's revenue distribution from 2017 to August 2023 highlights the dominance of Delta, Akwa Ibom, Rivers, and Bayelsa states in allocations. Despite Lagos' economic prominence, it ranked fifth. Here is the distribution of revenue among states between 2017 and August 2023.

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  • Top ten cocoa-producing countries in the world in 2020

    In 2020, 5.2 million metric tons of cocoa were produced globally, with four African countries — Ivory Coast, Ghana, Nigeria, and Cameroon — accounting for 68% of the produce.

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  • Only 10% of Nigerians earn above ₦100,000, according to the Nigerian Financial Services Market Report. This aligns with most reports about Nigeria, and it's in sharp contrast to the narratives online.
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  • A Trend of Adult literacy rates of African countries

    Between 2018 and 2021, adult literacy rates across African nations exhibited significant disparities. Seychelles and South Africa led with literacy rates of 96% and 95%, respectively, indicating a high proportion of literate adults. Conversely, Chad had the lowest literacy rate during this period.

    These statistics underscore the uneven progress in educational attainment across Africa, highlighting the need for targeted interventions to improve literacy in lower-performing nations.

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Other Insights
 
  • Morocco recorded a total of $54.58 billion in FDI over the past 34 years.
  • Morocco's FDI inflows peaked twice, in 2014 and 2018, both $3.5 billion.
  • The lowest FDI inflow Morocco recorded was in 1990, amounting to $0.17 billion.
  • From 2006 onward, Morocco's FDI inflows remained mostly above $1 billion, with fluctuations.
  • The most recent year, 2024, showed a modest recovery after a significant dip in 2023.
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  • Nigerians submitted 1.1 million Schengen visa applications between 2009 and 2024.
  • The highest rejection rates occurred in 2017 (53%) and 2019 (51%).
  • A total of 491,844 applications were rejected, a cumulative denial rate of 42.1%.
  • Despite post-pandemic recovery, 2024 recorded the highest applications (111k), with a 45% rejection rate.
  • The year 2010 stands out as the period with the least number of Schengen visa applications submitted by the Nigerian consulate.
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  • Comoros leads with a striking 62.8% rejection rate, the highest not just among African consulates, but also the global consulate countries

  • Guinea-Bissau, Senegal, and Nigeria follow with rejection shares between 45% and 47%.

  • Despite having one of the highest total visa rejections globally, Algeria does not appear in this chart, as its rejection share is comparatively lower.

  • Countries with smaller applicant pools tend to have higher rejection rates, shedding light on access disparities and approval scrutiny in consulate processes.

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  • Algeria recorded the highest number of Schengen visa denials in 2024, with 185,101 applications not issued, representing 35.0% of its total requests.
  • Six countries out of the top 15 global consulate countries with the highest visa denials were from Africa -Morocco, Nigeria, Egypt, Senegal, Tunisia, and Algeria.
  • Nigeria, Senegal, and Pakistan showed alarmingly high rejection rates, each with over 45% of visa applications refused.
  • Collectively, over 1.7 million Schengen visa applications were not issued worldwide in 2024.
  • European consulates located in African and Asian countries made up a significant share of the rejections.
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  • In 2021, there was a record-breaking spike to $40.22 billion, far exceeding all previous years.
  • This surge was temporary, as FDI dropped to $9.28B in 2022 and fell further to $2.47B in 2024.
  • Other notable peaks occurred in 2008 ($9.21B) and 2013 ($8.30B).
  • The data reflects volatile investor behaviour, influenced by constant global investors.
  • South Africa’s 2021 FDI spike came from a share swap between Naspers and its Dutch unit, Prosus.
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  • Tesla led global EV deliveries in Q1 2025 with 336,681 vehicles, maintaining its top position despite a year-over-year decline.
  • Tesla and Rivian reported significant drops in deliveries —12.92% and 38.46% respectively, while other EV manufacturers saw increases.
  • Tesla's decline has been partially attributed to public backlash against CEO Elon Musk’s controversial political involvement.
  • Rivian's drop was linked to reduced demand, particularly in its core Los Angeles market, which was affected by recent wildfires.
  • VinFast saw a 300% surge in deliveries, growing from 9,689 to 36,330 vehicles, driven largely by strong performance in Vietnam.
  • Tesla, Rivian, and Lucid are U.S.-based EV manufacturers; NIO is Chinese, VinFast is Vietnamese, and Polestar is Swedish.
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  • Tesla recorded its highest automotive revenue in 2023, reaching an impressive $82.4 billion.
  • In 2024, Tesla’s automotive revenue declined for the first time, with a 6.49% drop compared to the previous year.
  • Despite the decline in automotive revenue, Tesla’s total revenue grew by 0.95%, indicating resilience in other business segments
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  • FCT, Ogun, and Nasarawa consistently rank as the top three states with the highest number of road accidents.

  • The FCT recorded its peak accident figures in 2022, particularly in Q2 (842 cases) and Q4 (864 cases).

  • In Q2 and Q3 of 2024, Ogun State surpassed the FCT in the number of reported accidents.

  • Across these three states, there has been a notable decline in accident numbers, with an average decrease of approximately 37.6% between Q2 and Q3 2024.

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  • In 2024, Tesla delivered a total of 1,789,226 vehicles, marking its first year-over-year delivery decline (1.11%) since 2015.
  • Tesla’s highest annual deliveries occurred in 2023, with 1,808,581 vehicles delivered.
  • Of the total vehicles delivered in 2024, 1,704,093 were Model 3 and Model Y, while 85,133 were other models, including the Cybertruck.
  • The Cybertruck officially launched in late 2023, with production ramping up through 2024.
  • Both Model Y and Model 3 received notable upgrades in 2024, enhancing performance and interior features.
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  • Private universities in Nigeria outnumber federal and state institutions combined.
  • Nigeria has 159 private universities, more than double the number of federal universities.
  • Federal universities stand at 72, showing steady federal government investment in tertiary education.
  • State-owned universities number 66, slightly fewer than federal universities but forming a significant part of public education.
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  • The 1990s saw multiple years of flat or negative FDI, including -$0.02B in 1995 and -$0.04B in 1997.
  • FDI surged to $1.81B in 2007 and $2.94B in 2010, marking a turning point.
  • The all-time high was $3.31B in 2012, with 2024 following closely at $3.11B.
  • From 2015 to 2024, annual FDI remained steadily above $1B, signalling sustained investor confidence.
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  • Total fraud cases in Kenyan banks rose from 173 in 2023 to 353 in 2024.
  • Mobile banking fraud cases jumped by 87.2% to 146, making it the most common fraud type.
  • Online banking fraud recorded the steepest rise, growing by 457.9% to 106 cases.
  • Identity theft increased by 51.4%, reaching 56 reported cases in 2024.
  • Internet scams increased by 28.6%, totalling 9 cases in 2024.
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  • Jumia's highest active customers was recorded in the year 2022 with a total of 8.4 million users.
  • Jumia's highest number of orders was recorded in 2021 with a total of 39.4 million orders.
  • Jumia's lowest order record was in 2023, with numbers as low as 23.2 million, its lowest in seven years.
  • Jumia's fastest growing categories in terms of items sold are the food delivery and the FMCG, supported by the momentum of the grocery sub-category.
  • Fashion is the largest category of which orders are made in terms of items sold.
  • Jumia's largest markets are in Nigeria and Egypt.
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  • Kenya recorded 353 fraud cases in 2024, totalling KES 1.6T in losses.
  • Mobile banking fraud, with 146 cases, was the biggest threat, causing KES 810.7B in losses.
  • Card fraud had only 24 cases but resulted in KES 263.3B lost, showing its high risk. Computer fraud recorded 12 cases, leading to KES 203.4B in damages.
  • Identity theft saw 56 cases, costing banks and customers KES 199.1B.
  • Online banking fraud was the second most frequent (106 cases), but losses were relatively lower at KES 111.8B.
  • Internet scams had the fewest cases (9) but still caused KES 6.1B in losses.
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  • South Africa has the highest number of millionaires in Africa at 41,100.
  • Egypt follows with 14,800 millionaires, making it the second largest hub.
  • Seychelles has the highest millionaire share of the adult population at 0.51%.
  • Mauritius is close behind with 0.45% of its adult population being millionaires.
  • Ethiopia has 2,400 millionaires, but their share is almost zero due to its large adult population.
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  • Africa exported $41.3 billion in digital services in 2024, less than 1 percent of the world total.
  • South Africa was the continent’s top exporter with $7.05 billion.
  • Morocco ($6.74 billion) and Ghana ($5.18 billion) followed closely.
  • Egypt ($4.03 billion) and Mauritius ($3.53 billion) also ranked among the top five.
  • The top five countries together made up about two-thirds of Africa’s exports.
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  • Nigeria spent $57.67B on external debt interest from 1970 to 2023.
  • Payments were low initially but rose steadily as borrowing increased.
  • In the 1990s, interest payments fluctuated due to debt rescheduling and restructuring agreements.
  • In 2005, payments jumped to $5.31B following a strategic debt buyback that accelerated obligations.
  • Annual payments climbed 1,139.6%, from $0.31B to $3.79B, showing rising debt service costs.
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